St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1887-03-16
WAS ALMOST A PANIC.
Yesterday Proved to Be Another Sensa-
tional Day Among the Chicago
Board Spectators.
Great Quantities of Long" Wheat
Thrown on the Market by the
"Bulp Clique.
Which Was Mostly Repurchased
After the Price Had Materi-
ally Declined.
Transactions in the Financial Circles
of Wall Street--General
Quotations.
Special to the Globe

QuOtaL1OuS.
Special to the Globe.
CHICAGO, March 15.-It is invariably the
case when an active clique accumulate a
great holding of wheat or pork or stocks, or
anything elSe that the crowd at once decides
that this holding cannot be sold out without
everybody knowing all about ii. The Cincin-
natl wheat clique has again demonstrated the
Stiffness of this theory by quietly unloading
the major part of its long wheat. In u single
day of last week. as the clerks OF the clearing
house can corroborate if they chose, G. j.
kerShaw u Co. collected nearly $50, 600. 1t
does not take any superior activeneSS to fig
ure that that amount of balance represents
an enormous amount of long wheat sold. This
was on single day last week. and it does not
take any inside information either to con-
vince any trained commission man that no
house would sell wheat as Mimine, Bodman
l. Co. have been doing on market cliqued
as this has been, unless it was for the clique
Itself. There mas been vast deal of eNag-
geration about all the recent transactions in
wheat. There has been concert of action, in
reality, but there has been no concentrated
holding as has been generally believed. There
have been all the while two, and most of the
time
THREE BULL INTERESTS.
There has been the California crowd, rep
resented by Rosenfeld & Co.. and Field, Hind
100000 bushels of wheat; the Cincinnati
Fidelity bank crowd, represented by c. j..
Kershaw & Co.. and Il Galveston crowd whose
orders were sent by Hawley Il Co., from Gal
weston to George c. Walker & Co. The Cali
foruia crowd has had the most money, and the
Cincinnati has had the most and the cheapest
wheat, but has not been in firSt-claSs tinan-
ca repute. The result of such a variety of
interest is just what anybody might expect.
The Cincin natl crowd has abandoned the
market. This will make no difference, how
ever, TO the California syndicate as 1t never
contemplates corner and has all the money
to average the deals that in can need. There
is, however, no doubt at all but that all the
so-caled manipulation has been removed from
the market Then if these firms buy again
they certainly have the right to. Commission
houses generally declared that they were as
willing to take trades now in May as in any
other option of wheat. June moved up to
little premium over May, after having been
at Il discount at one time of &c q bushel. AL
most immediately after the ! o'clock close
May wheat on the curb sold to S0$1c. The
enormous speculation seemed to have had the
effect of evening up the speculative parties,
and of perhaps putting the bulls at little
advantage May corn sold to 39Lc. The big
men who did NOT dare sell wheat very vigor
ously jumped on corn. The stock yards crowd
apparently could give it adequate support.
1t rallied little in sympathy with wheat, but
the prospect of big arrivals made the crowd
very timorous.
THE ROUTINE REPORT.
CHICAGO, March 15.-This proved to be an
other sensational day in wheat. AS the ses-
sion advanced, the suspicion grew that the
bun 'cliQue" were selling out their 'long"
wheat and the great quantities dumped on
the market appeared to confirm this view.
The starting for May delivery was 81 &c or
1ac lower than closing figures last night.
The market held steady and then began to re-
cede slowly under large offerings. The mar
ket was very stubborn at about S012c, but
the quantities of wheat which pressed
Tor sale finally became so large that shortly
before noon the price dropped to 1890. 1t
held there steadily for short time,
when another deluge Of wheat came
to the market and the pits be-
came the scene of a half panic. There
was Il sudden plunge to 7S7sc, the decline
bringing out tremendous quantities Of long
wheat and causing the announcement of the
failure of one firm. During the decline CON-
mission houses were compelled to close out
numerous trades for customers whose mar
gins had expired. There was also free call
ing OF margins, ali of which were promptly
responded to. The market reboupded from
the inside figure even more rapidly than it
had declined. Shorts who endeavored to
cover found little wheat on sale and the
CLIQUE bull houses were open buyers for
large quantities. The market rallied to S03sc
ard stopped there at l o'clock. In the after
noon the market opened at S05sc and rose to
size without stopping, finally closing at 81 e
Gl6l4c. The exports from three At
lantic ports aggregated 26O, 900 bushels.
Receipts continue to be free, aggregating
$4,000 bu at II points, while the shipments
from the same points aggre2 ated 625, 600. The
corn market ruled moderately steady early in
the day, but finally became heavy under large
offerings, prices breaking Off &c from open
ing figures, rallied 3sc and finally closed 5sc
lower than yesterday. Receipts continue
free and the shipping demand is moderate.
Oats ruled dull and slightly easier, closing q
shade under yesterday. The speculative in
terest was light and there was very little
change in prices. Lard advanced 1O@12%c
per 100 lbs. early, but fell back and closed
about the same as yesterday. There was a
sharp advance of 25@30c in short ribs early in
the day, but the advance was nearly all SUBJ
sequently lost.
THE QUOTATIONS.
The leading futures ranged as follows:
Wheat-No.2, March, opened at T51ac, closing
at 75A@755sc; May. size, closing at $3.50
size; June, S0Hc closing at S0Ac; July,
sec, closing at T97sc. Corn-No. 9. March,
85asc, closing at 345sc; May, 401ac, closing at
89s4@3s1sc; June, 40s4c, closing at 405sc:
July. 4l1ac, closing at 415sc. Oats-No. 2,
March, 24c. closing at 235sc; May, 29c, clos
ing at 2S7s@29c; June 2S5sc, closing at 1890.
Mess pork per barrel-March, $40. so, closing
at 5000; May, $4,000, closing at $1,000; June,
S20.I5 closing at S2O60. Lard, per 100 pounds
March, $3.50, closing at S7.45: May, S7.65,
closing at $T.5.1@; June, S7.75, closing at
S162%. Short ribs per 100 pounds-March,
5000. closing ut $50; May, IS .1715, closing
ut $500; June. SS.22%, closing at SS.221S.
Cash quotations were as follows: Flour dull
and neglected. Wheat-No. 2 spring, 1870
1I&4c; No. spring, nominal; No. 2 red, nom
lnal. Corn-No ., 345s0371%c. Oats-No. 2.
e3!sc. Rye-No. 2, SAGE. Barley-No. 2,
49138o2c. Flax seed, No. 1, Sl.0619 01.0634c.
Timothy seed, slS3@1.s4 Mess pork. per
Dbl, $20.2O@2O3O. Lard, per 100 lbs, s745.
Short ribs, sides, loose, SS15@S.20; dry sailed
shoulders, boxed, S6@6.25: short clear sides,
boxed, SS.55@S.60. Whisky, dlstillers fin
Lshed goods, per gal, Sl.lS. Receipts-Flour,
10000 bbls; wheat $4,000 bu: corn, Isl .00C
bu: oats, $4,000 bu; rye 5000 bu; barley,
$4,000 bu. Shpments-Fiour. 10000 bbls;
wheat, 77,000 bu: corn 139. 900 blu: oats. 122,-
900 bu: rye, 1000 bu; barley, $4,000 bu. On
the produce exchange to-day the butter
market was easier; creamery, 24@3lc per ID
dairy, 23@26c. Eggs, 14G11415c per doz.
M JEMJpOPT 2, Com